Crypto Exchange News & Updates

Justin Sun denies that Huobi is planning layoffs

According to a Jan. 2 report in the South China Morning Post, Justin Sun, CEO of the cryptocurrency exchange Huobi, has stated that the company is not laying off large numbers of employees.　　The South China Morning Post cited earlier reports from Jiemian, a Chinese business news outlet that obtained an internal Sun statement. That report, which was presumably written in Chinese, could not be found.　　Suns statement, on the other hand, has been directly quoted in other sources. Sun stated:　　“The medias report on Huobis layoffs is incorrect... Huobis business has recently grown exceptionally well, and its daily new arrivals have propelled it to the top of the industry. It is a critical period of development, and I believe it will be even better in 2023.”　　Suns claim contradicted a statement from an unnamed Huobi insider who told Jiemian that layoff rumors were “somewhat reliable” and that layoffs were in the works.　　Colin Wu, who runs the cryptocurrency news site Wu Blockchain, spread rumors about Huobis mass layoffs. Wu first reported on December 30 that Huobi would suspend its year-end bonuses. He also stated that the company would reduce senior employee salaries and reduce its workforce from 1,200 to 600 or 800.　　Wu provided no

2023-01-03Deep Dive

KuCoin announces third-party PoR verification procedures

KuCoin, a cryptocurrency exchange previously discussed on the SlateCast, has announced that it would collaborate with the Mazars Group, an international audit, tax, and consultancy business (MG).　　MG will produce a third-party factual findings report for KuCoins present and prospective clients to evaluate for increased transparency and to assess the collateralization of in-scope assets held by the exchange. In addition, the MG report will include Proof of Reserves (PoR) and customer liability.　　Johnny Lyu, the CEO of KuCoin, commented on the latest update:　　“As the Peoples Exchange, we prioritize the safety and security of our users funds.” Working with Mazars is the next stage in our efforts to expand asset visibility for our users, emphasizing our commitment to openness and bolstering industry trust. Since its inception, KuCoin has been committed to offering consumers with safe, simple-to-use platforms and products, while also making ongoing advancements in user protection, transparency, and risk management. It is a great joy to collaborate with Mazars, a major audit, tax, and advisory business, to provide users with a stable, credible platform during a period of instability and to encourage industry development.　　Wiehann Olivier, KuCoin Partner and Digital Asset Lead, stated that “after recent occurrences, there is a pressing need in

2022-12-05Deep Dive

Bybit to Lay Off 30% of Staff Amid Crypto Winter

Bybit, a cryptocurrency exchange, will slash another wave of jobs as it works to refocus its operations amid a “deepening bear market,” CEO Ben Zhou revealed on Twitter on Sunday.　　On the same day, a screenshot of a communication in which Zhou stated that the layoffs would effect 30% of the workforce, taken from the companys internal messaging network, was circulated among Telegram group chats.　　Bybit is one of many companies, including Coinbase and the now-defunct BlockFi, that have announced layoffs in recent months as the industry suffers from a bear market. Bybit has already announced job cuts in June.　　In a “deepening bear market,” the exchange is attempting to “refocus,” and “planned shrinkage will be across the board,” according to Zhou. “We are all disturbed by the fact that this reorganization will have an impact on many of our close Bybuddies and some of our longest friends,” he continued.　　Dubai-based Bybit is a relatively new cryptocurrency exchange, formed in 2018, yet it has amassed a substantial volume of trade, particularly in derivatives. According to data from the information portal CoinGecko for the last 24 hours, the exchange ranks ninth out of 64 derivatives exchanges in terms of open interest, which refers to options

2022-12-05Deep Dive

BlockFi sues Sam Bankman-Fried over Robinhood shares

BlockFi, a bankrupt cryptocurrency lender, is suing Sam Bankman-Fried to collect Robinhood shares that the FTX founder reportedly offered as collateral just days before his exchange went bankrupt.　　The complaint was filed mere hours after BlockFi declared bankruptcy due to a “serious liquidity shortage” caused by the demise of Bankman-FTX Frieds exchange.　　BlockFis complaint, filed in the same New Jersey court where it launched bankruptcy proceedings, sought undisclosed collateral from Bankman-Emergent Frieds Fidelity Technologies vehicle.　　According to loan documents obtained by the Financial Times, the collateral is Bankman-interest Frieds in Robinhood, an online trading startup. He purchased 7.6% of Robinhood earlier this year.　　The disagreement highlights the intimate connections between crypto ventures and the complicated untangling process that is underway as bankruptcy lawyers wade through the wreckage of FTX and other businesses affected by its failure.　　This year, the industry has seen a succession of rippling insolvencies as a huge confidence crisis has swept crypto markets, sending tokens such as bitcoin and ethereum to their lowest price since 2020.　　In June, Bankman-Fried positioned himself as a savior for struggling crypto enterprises, providing emergency funding for BlockFi in exchange for an opportunity to buy the lender at a fire-sale price.　　However, BlockFi stated on Monday that its connection

2022-11-29Deep Dive

LINE-founded cryptocurrency exchange BITFRONT announces closure

BITFRONT, a cryptocurrency exchange launched by LINE, Asias largest social media platform, has announced its closure.　　Withdrawals of cryptocurrencies held on the platform will be terminated on March 31, 2023, and all personal user information gathered by the firm will be erased within 40 days.　　The BITFRONT team announced on November 28 that, despite efforts to “overcome the hurdles in this quickly expanding business,” the company has decided to close BITFRONT.　　“Unfortunately, we have realized that we must close BITFRONT in order to continue building the LINE blockchain environment and LINK token economy.”　　The move was made in the “best interests of the LINE blockchain ecosystem,” according to the company, and was unrelated to recent difficulties with “particular exchanges that have been accused of misbehavior.”　　BITFRONT has suspended all new signups and credit card payments as of November 28 at 05:00 UTC.　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!　　Wish to get more KNOWLEDGES and SKILLS？ Scan this!

2022-11-28Deep Dive

Bitpanda's Local Unit Obtains German Crypto License

Bitpanda, an Austrian exchange, announced Tuesday that it has obtained a crypto license in Germany through its local unit.　　Bitpanda Asset Management GmbH can independently offer crypto custody as well as proprietary trading for crypto assets for German residents, according to a press release from the German Federal Financial Supervisory Authority (BaFin).　　“Bitpanda will also be able to maintain an order book and directly market services for crypto assets, allowing them to provide a secure and regulated environment for German customers to invest in a wide range of cryptocurrencies,” the company said.　　Regulators around the world are keeping a close eye on the crypto industry as it recovers from the collapse of crypto exchange giant FTX. Germany is a member of the European Union, which recently completed its comprehensive framework for supervising cryptocurrency issuers and service providers seeking to operate in any of the trade blocs 27 member states.　　Since FTX declared bankruptcy in the United States, Stefan Berger, the German lawmaker in charge of shepherding the draft legislation through the European Parliament, has stated that the EUs Markets in Crypto Assets (MiCA) should be the global standard for cryptocurrency regulation.　　Go to: https://www.wikifx.com/en/newsdetail/202211162704900135.html？source=emily for more information.　　However, MiCA will not go into effect until at

2022-11-22Deep Dive

FTX forewarns exchanges to freeze stolen funds to prevent hacker cashing out

On Nov. 20, FTX announced that exchanges should be on the lookout for unauthorized fund transfers from FTX Global and related debtors on Nov. 11.　　The transfers were made via intermediary wallets, and FTX advised exchanges to take all necessary steps to ensure that the unauthorized funds were seized and returned to the bankruptcy estate.　　Prior to the FTX announcement, Chainalysis, a blockchain data platform, tweeted a thread explaining that funds stolen from FTX were on the move and that exchanges should be prepared to freeze them if the hacker decides to cash out.　　According to Chainalysis, reports that FTXs stolen funds were sent to the Securities Commission of The Bahamas (SCB) were false. The Chainalysis team confirmed that some of the funds had been stolen, but others were sent to regulators.　　For more information, please download WikiBIT App to get more crypto news!!　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!　　Scan this QR Code to get FTX informations! Hurry Up!　　

2022-11-21Deep Dive

FTX exchange crash: A lesson for all Nigerian crypto traders

By: Damian Okonkwo　　Traders lose money as FTX exchange files for Bankruptcy 　　The crypto market has suffered what appears to be the greatest blow in its history with the crash of the second largest crypto exchange which saw over $200Billion wiped out of the crypto market in less than 12hrs after the news. Over 5 million users trading on the exchange including Nigerian crypto traders have been unable to access and withdraw their funds from the exchange after the founder of the FTX exchange - Sam Bankman-Fried filed for bankruptcy protection under Chapter 11 of the US laws and resigned his position as the CEO of the exchange.　　The current crash of the FTX exchange has exposed the vulnerability of using the Centralized exchange for crypto trading which in itself goes against the purpose of cryptocurrency when it was first created. It has further exposed the risk involved in cryptocurrency trading where the traders capital is always at risk and he stands the chance of losing his whole investment should either the project or exchange he is dealing with crash in the future.　　What are the lessons to learn from the FTX exchange crash today？　　The major lesson every crypto trader must learn from

2022-11-14Deep Dive

FTX’s bankruptcy rippled through the sports world. Steven Curry and other celebrities take a hit.

Nov 14- FTX, its affiliated crypto trading fund Alameda Research and about 130 other companies entered voluntary bankruptcy proceedings last Friday. As the brand ambassador of FTX, the NBA superstar Steven Curry has taken a hit because of the FTX collapse.　　Curry is currently working for the Golden State Warriors of the NBA. This NBA legend reached a partnership with FTX in September 2021 and became a global ambassador for the company. The epic collapse of FTX even entangled his non-profit organization “Eat. Learn. Play”. Earlier this year, Curry starred in a commercial ad for FTX in which he proudly claimed that he didnt need to be an expert to trade and sell cryptocurrencies on the FTX platform. Curry also appeared as a brand ambassador on FTXs website the day before the firm filed for bankruptcy.　　FTX is very focused on marketing in the sports world and many sports stars have partnerships with FTX. In addition to Curry, famous tennis star Naomi Osaka was given an equity stake. Another NBA legend Shaquille ONeal has cooperation with this crypto exchange as well.　　Bankman-Fried stepped down from his CEO position as FTX filed for Chapter 11 bankruptcy, after scrambling to shore up an $8 billion

2022-11-14Deep Dive

FTX US Wins Voyager Digital Asset Auction for $1.4B

The owner and operator of FTX US has purchased assets from the bankrupt crypto lender Voyager Digital in an auction valued at more than $1.4 billion.　　The bid by FTX USs parent company, West Realm Shires, is valued at $1.422 billion, according to a statement issued on Monday.　　This includes the fair market value of all of Voyagers crypto, which will be priced at a later date. The current market value is approximately $1.31 billion.　　Extra consideration will be given to an additional $111 million in incremental value. Its assets will become available after Voyagers Chapter 11 bankruptcy proceedings are completed.　　“Voyager received various bids contemplating sale and restructuring possibilities, performed an auction, and determined that the sale transaction with FTX is the best solution for Voyager stakeholders based on the outcomes of the auction,” the business said in a statement.　　The bankruptcy estate will retain Voyagers claims against the defunct hedge fund Three Arrows Capital, which may be paid to the estates creditors if a recovery is made, according to the statement.　　Former Wall Street Journal reporter Liz Hoffman tweeted that the purchase price for FTXs deal was around $50 million, citing persons familiar with the subject. Hoffman also stated that if assets under management

2022-09-27Deep Dive

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